This invention is directed to a protection device and more particularly a protection device that can be mounted on an exhaust system of a vehicle. In the recent past most vehicles have had some sort of anti-pollution device incorporated into the exhaust system of the vehicle. The primary pollution control device that is used is a catalytic converter that removes or converts hazardous gases from the exhaust system. Frequently, catalytic converters contain precious metals to accomplish the cleansing of the exhaust gases. Traditionally the catalytic converter has been positioned in the exhaust system underneath the vehicle and just connected to the exhaust pipe system for the vehicle. The placement for the catalytic converter provides for easy installation, inspection, repair and replacement of the catalytic converter. However, this position of the catalytic converter also makes it readily accessible to thieves that are interested in removing the catalytic converter for the salvage or replacement value for the catalytic converter. A quick cut of the exhaust pipe on either side of the catalytic converter allows a thief to easily and quickly remove the catalytic converter from the vehicle. With large vehicles such as trucks there is even more access to the bottom of the vehicle making it even easier for a thief to access and remove a catalytic converter from a vehicle. With an increase in scrap values and replacement value for a catalytic converter, thieves have started to remove these components from the exhaust system of vehicles as an easy way to make money. The best target for thieves are areas where trucks are stored overnight as it is easy to access the catalytic converters under the trucks and the catalytic converters are larger in size on the trucks therefore have more value for the thieves. Rental agencies that deal primarily with trucks and truck fleet operators have seen a significant increase in the instances of theft of catalytic converters and other expensive exhaust system components in the last few years. As the components can be removed quickly, it is not unusual for several vehicles to be subjected to the removal of the valuable components from the exhaust system. The cost to the operator of the vehicle is significant as the replacement costs for the components is very high, the labor to repair the vehicle is expensive and the vehicle is removed from use until the repairs are made. With the increase of instances of theft there is an increasing need in the market for a protection device that can be utilized to prevent or discourage the theft of such components from the exhaust system. At the same time the protection device must be capable of being removed in a reasonable manner so that repairs can be made to the exhaust system if necessary. It is also desirable to have a protection device that allows for inspection of the exhaust system so that problems can be identified and repaired as quickly as possible.